Asia shares and oil slip as Shanghai declares lockdown
Asian shares and oil prices both slid on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while the yen extended its stomach-churning descent as the Bank of Japan acted to keep local yields near zero.
China’s financial hub of 26 million people told all firms to suspend manufacturing or have people work remotely in a two-stage lockdown over nine days.
The spread of restrictions in the world’s biggest oil importer saw Brent skid $3.26 to $117.39, while US crude fell $3.37 to $110.53.
Risk sentiment was helped by hopes of progress in Russian-Ukranian peace talks to be held in Turkey this week after President Volodymyr Zelenskiy said Ukraine was prepared to discuss adopting a neutral status as part of a deal.
